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  #21  
Old 12.06.2012, 17:10
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Re: Wealth Tax in Switzerland - seekign clarification, information

In the canton of St. Gallen the Cantonal House Insurance values the the house regarding tax and insurance seperatly.

In the canton of Zurich the Cantonal House Insurance those the valuation only in regarding of insurance. AFAIK, the local tax office will say how much it is worth and is based on the insurance value. For some houses (ex. historic ones) the insurance value may be much higher than the market value and you have to contest the valuation. The House Owner Association may help in this cases.

Last edited by aSwissInTheUS; 12.06.2012 at 17:23.
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  #22  
Old 12.06.2012, 17:17
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Re: Wealth Tax in Switzerland - seekign clarification, information

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Thank you!! Unfortunately it isn't a multi million pound mansion. But we might win the lottery this weekend!!!
Remember any debt reduces your wealth, it's net wealth that is taxed.
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  #23  
Old 12.06.2012, 17:26
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Re: Wealth Tax in Switzerland - seekign clarification, information

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Thanks for your replies, really appreciate it! Out of interest, how do they determine how much my house is worth?
I just declare how much I paid for it. It's value now can only be determined if I sell it.

Although the local government for the area where my house is, does have a calculator for determining value, to use as a base for taxes/rates there.
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  #24  
Old 12.06.2012, 17:36
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Re: Wealth Tax in Switzerland - seekign clarification, information

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In the canton of St. Gallen the Cantonal House Insurance values the the house regarding tax and insurance seperatly.

In the canton of Zurich the Cantonal House Insurance those the valuation only in regarding of insurance. AFAIK, the local tax office will say how much it is worth and is based on the insurance value. For some houses (ex. historic ones) the insurance value may be much higher than the market value and you have to contest the valuation. The House Owner Association may help in this cases.
I think she is talking about how much her house in the UK is valued at, not a house here in Switzerland.
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  #25  
Old 17.11.2012, 20:04
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Re: Wealth Tax in Switzerland - seekign clarification, information

I am just wondering about this wealth tax. When would one declare the wealth for the tax actually if one is paying tax-at-source (hence no taxation paper work to be done if under 120k CHF? Unless one declares it in order to claim back the 35% imposed on bank interest....?
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  #26  
Old 17.11.2012, 20:46
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Re: Wealth Tax in Switzerland - seekign clarification, information

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I am just wondering about this wealth tax. When would one declare the wealth for the tax actually if one is paying tax-at-source (hence no taxation paper work to be done if under 120k CHF? Unless one declares it in order to claim back the 35% imposed on bank interest....?
With current interest rates it's a lot of work unless you have a lot of money. You will be taxed on the income at your marginal rate, so you won't save the full 35% in any case.
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  #27  
Old 17.11.2012, 21:16
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Re: Wealth Tax in Switzerland - seekign clarification, information

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You will be taxed on the income at your marginal rate, so you won't save the full 35% in any case.
May I asked if you meant taxed on "wealth"? What I realised is by attempting to ask the withholding tax (Verrechnungssteuer) back, the tax office would calculate your tax all over again based on your living commune etc. And if you live in a relatively more expensive commune (compared to the average rate of tax-at-source of the particular canton), you will be asked to pay additionally . So depends on how much the withholding tax, you could end up with a bill instead!

Can someone confirm my theory here: If you are paying tax-at-source, go try to claim back the withholding tax, only if you live in a cheaper commune (compared to the canton average) and don't have much wealth to be taxed. Else one will end up paying than getting something back!
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  #28  
Old 17.11.2012, 21:38
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Re: Wealth Tax in Switzerland - seekign clarification, information

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May I asked if you meant taxed on "wealth"? What I realised is by attempting to ask the withholding tax (Verrechnungssteuer) back, the tax office would calculate your tax all over again based on your living commune etc. And if you live in a relatively more expensive commune (compared to the average rate of tax-at-source of the particular canton), you will be asked to pay additionally . So depends on how much the withholding tax, you could end up with a bill instead!

Can someone confirm my theory here: If you are paying tax-at-source, go try to claim back the withholding tax, only if you live in a cheaper commune (compared to the canton average) and don't have much wealth to be taxed. Else one will end up paying than getting something back!
so you recover 35% & pay 22% for example, you save 13%. Unless you have a huge capital it's a lot of work for very little, especially if you employ someone who charges 200 an hour to do your tax return.
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Old 17.11.2012, 21:39
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Re: Wealth Tax in Switzerland - seekign clarification, information

Source tax is income tax which is set at an average rate and deemed to cover all your tax liabilities. Wealth tax only comes into play if you have to complete a tax return
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  #30  
Old 17.11.2012, 21:47
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Re: Wealth Tax in Switzerland - seekign clarification, information

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Source tax is income tax which is set at an average rate and deemed to cover all your tax liabilities. Wealth tax only comes into play if you have to complete a tax return
Yes, the thing is if one wants to claim back the withholding tax (of bank interest for example), a person who is normally under tax-at-source (for salary I mean) can do a "light" version of tax return. But by submitting the bank account statement, one could get hit by wealth tax (and additional commune tax if one lives in a more expensive commune...)

So I think it is a pretty good warning for people wanting to claim back the withholding tax (Verrechnungssteuer)....better think twice!
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  #31  
Old 17.11.2012, 23:31
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Re: Wealth Tax in Switzerland - seekign clarification, information

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Yes, the thing is if one wants to claim back the withholding tax (of bank interest for example), a person who is normally under tax-at-source (for salary I mean) can do a "light" version of tax return. But by submitting the bank account statement, one could get hit by wealth tax (and additional commune tax if one lives in a more expensive commune...)

So I think it is a pretty good warning for people wanting to claim back the withholding tax (Verrechnungssteuer)....better think twice!
There is no light tax return, you have to do the full thing.
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  #32  
Old 18.11.2012, 10:57
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Re: Wealth Tax in Switzerland - seekign clarification, information

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There is no light tax return, you have to do the full thing.
Ok, I meant the ergänzende ordentliche Veranlagung zur Quellensteuer in German (anyone knows its name in French?). It is not so difficult to fill in by oneself if one has no properties but just bank account.

As said I think by paying tax-at-source, no wealth tax is to be paid. But if one demands a tax return by filling that form mentioned (in order to claim back the withholding tax for bank interest), one would be hit by the wealth tax if one has money above a certain threshold according to canton. Not to mention the additional calculation if one lives at a commune with a higher tax rate than the cantonal average.
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  #33  
Old 18.11.2012, 13:08
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Re: Wealth Tax in Switzerland - seekign clarification, information

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Ok, I meant the ergänzende ordentliche Veranlagung zur Quellensteuer in German (anyone knows its name in French?). It is not so difficult to fill in by oneself if one has no properties but just bank account.

As said I think by paying tax-at-source, no wealth tax is to be paid. But if one demands a tax return by filling that form mentioned (in order to claim back the withholding tax for bank interest), one would be hit by the wealth tax if one has money above a certain threshold according to canton. Not to mention the additional calculation if one lives at a commune with a higher tax rate than the cantonal average.
Lets put the wealth tax in real numbers:

Example Kanton Zurich:
1 million CHF in CH bank accounts
House overseas value 250k CHF
Total wealth 1.25m CHF
Tax rate applicable for 1.25m = 1.016%
Tax charged only on CH assets ie only on 1m = total wealth tax of CHF 1016.-

Same example with lower figures:
200k CHF in CH bank accounts
House overseas value 250k CHF
Total wealth 450k CHF
Tax rate applicable for 200k = 0.445%
Tax charged on CH assets = total wealth tax of CHF 89.-
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  #34  
Old 18.11.2012, 14:34
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Re: Wealth Tax in Switzerland - seekign clarification, information

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Lets put the wealth tax in real numbers:

Example Kanton Zurich:
1 million CHF in CH bank accounts
House overseas value 250k CHF
Total wealth 1.25m CHF
Tax rate applicable for 1.25m = 1.016%
Tax charged only on CH assets ie only on 1m = total wealth tax of CHF 1016.-

Same example with lower figures:
200k CHF in CH bank accounts
House overseas value 250k CHF
Total wealth 450k CHF
Tax rate applicable for 200k = 0.445%
Tax charged on CH assets = total wealth tax of CHF 89.-
Thanks for the figures but I am not sure whether you meant 1.016% or 1.016 promill (which is 1.016 divided by 1000). The same is for 0.445%. Because apparently your values are when they are divided by 1000 or did I miss something?

By the way, anyone knows the rate of Canton Vaud?
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  #35  
Old 18.11.2012, 14:54
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Re: Wealth Tax in Switzerland - seekign clarification, information

I thought it was 0.1ish too.
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  #36  
Old 18.11.2012, 16:02
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Re: Wealth Tax in Switzerland - seekign clarification, information

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Thanks for the figures but I am not sure whether you meant 1.016% or 1.016 promill (which is 1.016 divided by 1000). The same is for 0.445%. Because apparently your values are when they are divided by 1000 or did I miss something?

By the way, anyone knows the rate of Canton Vaud?
Yes. It's per mil ‰

Really, Google IS the oracle.

http://www.vd.ch/fileadmin/user_uplo...rtune_2012.pdf
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Old 25.06.2014, 23:45
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Taxation in Swiss

Hello,


I need to know something about how the taxation works in Suisse,

If i have certain amount of money let it be x amount, if I transfer from India to Suisse then for that money which I keep in any of the Suisse bank than do i need to pay tax for that ? IF yes how much is the tax ?
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  #38  
Old 26.06.2014, 00:37
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Re: Taxation in Swiss

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Hello,


I need to know something about how the taxation works in Suisse,

If i have certain amount of money let it be x amount, if I transfer from India to Suisse then for that money which I keep in any of the Suisse bank than do i need to pay tax for that ? IF yes how much is the tax ?
Transfering money is not taxable, your tax liability are usually in your house country unless American where you pay US tax regardless of where you live ( with some deductions)
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  #39  
Old 26.06.2014, 01:54
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Re: Taxation in Swiss

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Transfering money is not taxable, your tax liability are usually in your house country unless American where you pay US tax regardless of where you live ( with some deductions)
Eritrea too. That completes the list.

I think the guy is asking if there's a swiss tax applied on money he keeps in a swiss bank while he lives in India (and thus pays indian taxes), but maybe I'm wrong.
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  #40  
Old 26.06.2014, 02:26
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Re: Wealth Tax in Switzerland - seeking clarification, information

Apologies for any confusion. Ronak asked a question that I thought fit better in this thread, so I merged it here even though the thread is a bit old.

In a nutshell, he is planning to marry a Swiss woman and move to CH (different thread). He plans to move some of his money from India to here and understands there may be a tax on that money. I'm pretty sure the only tax he will pay is the wealth tax. Thus the merge, as there are some helpful comments here.
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